DALLAS (STL.News) – Camden Homes and the GrowSouth Fund today announced the development of two single-family-home neighborhoods in the GrowSouth footprint in far Southeast Dallas: Teagarden Estates (220 homes) and Kensington Valley (112 homes). Both developments were made possible by investment from the GrowSouth Fund, a for-profit community investment vehicle created to further development in southern Dallas.
Both developments offer an easy commute to downtown Dallas, as well as quick access to highways and the DART line. Kensington Valley and Teagarden Estates amount to nearly 90 acres of land to be developed in southern Dallas.
“We are very excited to be able to support the construction of new homes in the community that are affordable for first-time homebuyers,” says Tillie Borchers, Director of Asset Management at Civitas Capital Group, which manages the GrowSouth Fund.
“With this investment, the Fund’s capital is over 50 percent committed, with more investments in closing. Our loan with Camden Homes reflects the Fund’s double-bottom line mission: an economic return and a civic impact. We look forward to continued progress with the Fund and the communities where we have committed investments.”
Camden Homes’ mission is to provide new, safe housing in neighborhoods at affordable prices.
“We believe Camden Homes exists to change lives by helping fulfill the American Dream of Living in a Home,” says Camden partner Cyrus Zadeh. “The GrowSouth Fund helped get both these projects off the ground, and we couldn’t be happier to partner with them to bring this opportunity to the GrowSouth footprint.”
Teagarden Estates is just a short 15-minute ride from Downtown Dallas and is located on the south side of Teagarden Road and St Augustine. Teagarden will be a 220 single family development adjacent to the Ebby Halliday Elementary School. The development is a 46.608-acre tract and will encompass over 4 acres of open space in the center of the development to be used as future park and amenity space, as well as a 2.06-acre detention pond.
Seagoville is Camden’s recent development located off Edd Road and Seagoville Road, currently under development for 112 platted single-family lots on approximately 39.687 acres. It will include a dedicated conservation easement of over 9 acres and two detention ponds totaling 1.458 acres. Camden anticipates development to be completed by December 2019, with hopes of the first home deliveries beginning Q1 2020.
About Civitas Capital Group
Civitas Capital Group is a Dallas, Texas-based alternative asset firm that provides a range of products and services for institutional investors, family offices, and qualified individuals. Civitas oversees the GrowSouth Fund. The firm, which has more than $1.7 billion of assets under management in more than 40 investments, focuses on compelling, niche investment strategies in U.S. real estate and lodging. For more information, please visit civitascapital.com.